v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of reconciliation of U.S. statutory rate with Company's effective tax rate

For the Six Months

Ended June 30,

    

2025

    

2024

Federal income tax expense at statutory rate

 

21.0

%

21.0

%

Effect of:

 

Section 162 (m)

14.3

-

State income tax net of federal benefit

2.5

0.8

Tax effects of foreign operations

1.5

7.1

GILTI provisions

0.8

17.6

Withholding tax

0.2

-

Deemed interest

(0.3)

(5.2)

Foreign rate differential

(0.4)

(1.4)

Change in tax rates

(0.7)

-

Change in valuation allowance

(2.1)

6.4

Effect of stock-based compensation

(21.1)

(2.9)

Increase in unrecognized tax benefits (ASC 740)

-

5.5

Return to provision true up

-

(3.2)

Foreign operations permanent differences - foreign exchange gains and losses

-

(7.9)

Other

0.4

4.2

Effective tax rate

16.1

%

42.0

%

Schedule of roll forward of the Company's unrecognized tax benefits and associated interest

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the six months ended June 30, 2025 (in thousands):

    

Unrecognized

 

Tax Benefits

Balance - January 1, 2025

$

999

Increase for current period tax positions

 

173

Decrease for prior year tax positions

(214)

Interest accrual

 

28

Foreign currency remeasurement

 

6

Balance - June 30, 2025

$

992